Central banks in the Gulf are set to hike interest rates next week in line with the Fed, and we think that the Central Bank of Egypt will join the party and resume its tightening cycle next Thursday. Elsewhere, Tunisia is facing growing shortages of some foodstuffs and fuel as the country’s balance of payments problems intensify. An IMF deal is much needed, but there is still a lot of work to do before that materialises. A sovereign debt restructuring will be required too, but this is likely to be a lengthy and complex process.
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